PennFed Financial Services, Inc. Announces a New Stock Repurchase Program and Substantial Completion of Existing Program

PennFed Financial Services, Inc. Announces a New Stock Repurchase Program and
Substantial Completion of Existing Program 


WEST ORANGE, N.J., Feb. 27  /PRNewswire-FirstCall/ -- PennFed Financial
Services, Inc. , the holding company for the New Jersey-based Penn Federal
Savings Bank, announced that its Board of Directors authorized a new 5% Stock
Repurchase Program.  Under this new program, the Company can repurchase up to 5%
of its outstanding shares over the next 18 months, subject to market conditions.
 The Company further stated that it has substantially completed its current
Repurchase Program with only 5,400 shares remaining to be repurchased.

Joseph L. LaMonica, President and Chief Executive Officer of PennFed, indicated
that under the existing program, the Company had repurchased 334,600 shares from
May 20, 2003 through February 27, 2004 at prices ranging from $27.68 to $34.65
per share.  After completion of these repurchases, the Company had 6,729,551
shares of common stock outstanding.

Penn Federal Savings Bank maintains 23 branch offices.  The Bank's deposits are
insured by the Federal Deposit Insurance Corporation. 

DATASOURCE: PennFed Financial Services, Inc.



CONTACT:  Claire M. Chadwick, CFO of PennFed Financial Services, Inc.,

[phone], ext. 267 

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